Dueling Poverty Plans

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MORNING ENERGY NEWS | 9.5.2019

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What did we learn yesterday:

1. All 10 Dem hopefuls want to control what you eat, what you drive, and raise your energy prices.

2. The Trump campaign just acquired a treasure trove of material for the general election.

3. The mainstream media lives in a great big giant bubble.

Daily Caller (9/5/19) reports: "The Democratic Party’s top presidential candidates took turns at CNN’s climate town hall Wednesday hashing out their positions on everything from banning plastic straws to eliminating fossil fuel production. Businessman Andrew Yang, Sen. Cory Booker of New Jersey and Sen. Bernie Sanders of Vermont all plan to plow trillions of dollars into climate change mitigation. Sen. Elizabeth Warren of Massachusetts meanwhile has staked much of her campaign on holding oil companies responsible for man-made global warming...'If [Republicans] fail to act, as president of the United States, I am prepared to get rid of the filibuster to pass a Green New Deal,' Sen. Kamala Harris of California said to audience applause. Harris said Republicans should 'look in the mirror and ask themselves why they failed to act,' calling the fight for the GND one 'against powerful interests.'"

Steyer didn't make the cut, but it looks like his climate party was just as exciting...

S an Francisco Chronicle (9/3/19) reports: "Presidential candidate Tom Steyer didn’t have enough poll support to be one of the 10 Democrats invited to Wednesday’s climate forum on CNN, so the billionaire former San Francisco hedge fund manager held his own Tuesday in Oakland. Steyer’s $2.3 trillion climate plan starts with him declaring a 'climate emergency' on the first day of his presidency. That would enable him to direct every federal agency to 'bring its rules, purchasing decisions, and agency staff in line with our global and domestic science-backed climate goals,' according to the plan...His plan aims to eliminate air pollution from diesel engines and power plants no later than 2030 and end fossil fuel pollution entirely by 2045. He would devote $50 billion of his plan to former fossil fuel workers. The money would help to pay for their health care and benefits and compensate them for lost wages as they transition out of their former jobs."

"The whole idea of New York’s 'climate leadership' law is to take fossil fuels away from the people. And the bureaucrats are nowhere near having a replacement for natural gas ready to go — nor will they ever be, to be honest, at least until they embrace nuclear energy. Sooner or later, the people will figure this out."

– F rancis Menton,
Manhattan Contrarian

What are they whining about?

CFACT (9/4/19) blog: "Global wine production set a new record last year, so climate alarmists are focusing on a dip in production in the world’s 18th largest wine producer – Greece – to claim a climate-change wine crisis. This latest concocted scare illustrates just how desperate climate alarmists are to perpetuate their climate delusion. A September 3rd Google News search for 'climate change' yielded among the very top results an article by EuroNews titled, 'Climate change hits Greek wine as grape harvest falls 30%.' The article claims, 'Climate change is creating new challenges for Greek wine producers. The grape harvest is down 30 percent since 2018 and 50 percent from 2017.' The article later claims, 'The wine industry worldwide has been rocked by the effects of climate change, with grape quality and vineyard production immediately impacted by the slightest change of temperature.' The reason why alarmists and their media allies are focusing on Greece instead of other nations or global production as a whole became quickly apparent when we examined global wine production. Global wine production set a new record last year. Even more remarkably, wine production set a new record despite a steady decline during the past five years in the amount of planted vineyards."

No brakes on this train.

F orbes (9/1/19) opinion: "Oil and natural gas prices have either been too low, flat, or falling in recent months. The U.S.-China trade war, record high U.S. crude output, and geopolitical risks have stagnated the oil market. Mild weather amid record U.S. production have sunk the gas market to its lowest summer prices since 1998. In turn, the oil rig count fell again (down 12) during the week, while the gas count remained at 162. The combined rig count is now down 14% from the 1,048 rigs working a year ago at this time...What is amazing is that despite a slowdown in activity, oil and gas output has continued to rise at all-time records, even though lower prices give little incentive to boost production...Along with smaller CAPEX, several U.S. shale gas drillers have signaled that they plan to lay down more rigs in 2020...Over the next decade, new U.S. oil production is expected to be six to eight times larger than that of Canada, the next largest new supplier globally. In fact, Texas alone will accounting for more new oil and gas than any other country outside of the U.S. itself. As for natural gas, increasingly the world's go-to fuel, think of U.S. production rising at twice the rate of U.S. demand. Thus, it will be our LNG exports that will be the essential market that fills the gap."

Seattle has a rich history of infrastructure screwups. Just google "Seattle exploding toilets"...

E&E News (9/4/19) reports: "An influx of electric trucks and buses in Seattle could overwhelm the grid if utility officials don't start coordinating with other city agencies, according to a report released this morning. Released by Seattle City Light and the Rocky Mountain Institute (RMI), the report is the first municipal utility strategy for advancing electrification in every vehicle class, including passenger cars. While the analysis focused on Seattle, the researchers said the findings highlight a major challenge that could await authorities in other cities and states with emission-cutting commitments. 'There's a whole iceberg underneath this, of other utilities that are in no way prepared for the loads from medium- and heavy-duty vehicles,' said Chris Nelder, a co-author and manager of RMI's mobility practice...Electric transit buses faced similar limitations. The city has already concluded that it will need to spend $2.2 million in grid upgrades for its goal of bringing online 250 electric buses by 2025. The challenges appear starkest for Class 8, the heaviest vehicle class, according to the report."

Energy Markets

WTI Crude Oil: ↑ $56.34
Natural Gas: ↑ $2.45
Gasoline: ~ $2.57

Diesel: ↓ $2.92
Heating Oil: ↑ $188.74
Brent Crude Oil: ↑ $60.98
US Rig Count: ↓ 924

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